Is Bitcoin (BTC) Slowing Down before Bearish Movement? - Forex News by FX Leaders
Crypto crashes are becoming usual recently

Is Bitcoin (BTC) Slowing Down before Bearish Movement?

Posted Friday, October 8, 2021 by
Timothy St. John • 2 min read

Bitcoin only moved .49% over the last 24 hours, continuing a trend from the last few days where it started to settle down. Early in the week, Bitcoin rose from $48,113 (BTC/USD) to $54,095, but then it has hovered around the $54,000 level since then.

BTC/USD

Bitcoin is slowing down on all fronts, with the trade volume down nearly 8% for the last 24 hours. With over 36 billion in daily trade still, Bitcoin is not hurting, but it’s also not growing. With the weekend coming up, we could see some sharp movement from Bitcoin. That’s when a lot of the bearish or bullish trends occur for many cryptos. So, as Bitcoin’s upward trend grinds to a halt, it looks like it could be just about ready to fall off a cliff.

We don’t expect Bitcoin to fall too much, but by Monday, there’s a good chance it will be much lower than it is today. Now may be the time to sell before that happens, though there is also some evidence that Bitcoin could go bullish from this slower movement.

The Case for a Bullish Trend

Bitcoin has been almost relentless over the last three months in moving upward and onward despite China’s best efforts to rid the country of it. July 20th saw a low of $29,731, but Bitcoin started to ascend from there, gradually moving toward the $40,000 level, which it passed not even a week later (July 26th). From there, Bitcoin continued its ascent, hitting the $50,000 level less than a month later.

Bitcoin went through a rough patch after that, but then recovered in recent weeks to test the $55,000 level. It could definitely move from there past $60,000, but there may be a slight setback this weekend first. We have not seen major movement from Bitcoin over the weekend for the last couple weeks, though.

Analysts are looking at Bitcoin to test that $55,000 level outside of a weekend selloff, and there is little chance it will fall under $50,000 for the next few days. There is hope for a rally as far as $60,000 next week if we don’t see any pullback this weekend.

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies
Related Articles
Comments
0 0 vote
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments